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Medical benefits for workers are an important component of a well-rounded compensation package. There are roughly 200,000 individuals covered by health insurance in Alaska, whether you work for companies such as Chenega or Nana Regional.
The Affordable Care Act (ACA) requires you to provide healthcare to your employees in Alaska if you have over 50 workers. We've outlined what medical benefits look like, regardless of your company size, whether you're a small employer (1-50 people) or a big employer (51+).
There are 10,000 small employers in Alaska with over 40,000 workers. Benefit plans go from the absolute minimum to comprehensive employer coverage. Employer medical benefits are available in 70% of Alaska businesses, and 68% use them. The average corporate insurance coverage for small employers in Alaska is 79% for single employees and 67% for families. The cost of health insurance has increased drastically over time. This can cost a small company around $458 per month for an individual and $1205 per month for a family. The employee then needs to pay a monthly premium, which is generally around $458 for individuals and $1205 for families. To express ranges, a family's individual component might range from $365 at the 25th percentile to $826 at the 75th percentile.
For small businesses, 13% select a high deductible health plan, 29% pick an HMO, and 34% pick a PPO. These various plan types allow for various degrees of coverage, from a restricted network limited to certain PCPs, specialists, and hospitals to an open network with access to several physicians and hospitals.
In Alaska, 39% of businesses provide a Health Savings Account (HSA) to assist employees in managing their costs and pay efficiently, while 42% provide a healthcare Flexible Spending Account (FSA). Employees may use either one as a fantastic method to manage their medical expenditures in the most cost-effective manner possible while saving money for the company.
Dental benefits are covered by 52% of small businesses, whereas vision coverage is only available in 42%, which is a lot lower than big enterprises. This is a highly desired advantage since 80% utilize dental services and 84% utilize vision services. As a result, both dentistry and vision are significant components of employers' entire benefit plans when they choose their coverage options.
4,000 large employers in Alaska offer medical coverage to over 162,000 people throughout the state. Larger businesses, as a whole, are able to provide their employees with most comprehensive medical insurance. The percentage of workers at large employers in Alaska that use this benefit is 75%. Large Alaskan corporations cover an average of 81% of individuals' monthly premiums and 75% of family premiums. The monthly premium for a single person is $520, while the cost of a family is $1,488. For employees, this represents an average monthly spending of $520 for single people and $1488 for families, ranging from $80 per month for a family at the 25th percentile to $164 per month for a family at the 75th percentile. If you are fortunate enough to live in Alaska's largest city, 13.4% of large employers will cover all medical expenditures for individuals and 5.4% will do so for families.
By employee demographics, the plan designs may differ. PPO enrollees make up 38% of workers at major Alaska employers, whereas 31% of employees are in HMOs and 22% are in High Deductible Health Plans (HDHP). The plan type has an impact on the range of coverage available from doctors and hospitals, as well as copays, deductibles, and other factors.
It's critical for businesses to help their workers manage their medical expenses tax-efficiency. The most popular strategies are a Flexible Spending Account (FSA) and a Health Savings Account (HSA). An HSA is accessible to 58% of large Alaska employers, whereas a Flexible Spending Account is available to 68%.
Larger organizations generally have a higher offering rate than smaller ones when it comes to dental and vision plans. In Alaska, large businesses provide dental coverage at 76% while small employers do so at 85%. The benefit was utilized by 58% of big businesses in Alaska, with 85% taking advantage of the option.
If you're searching for the ideal medical insurance broker in your region, contact Mployer Advisor right now. Whether you're a small or big business in Alaska, choosing a broker is a significant decision.
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